Indian stock markets fell for a second consecutive day on Tuesday, with the Sensex closing at 75,577.58, down 555.23 points, and the Nifty50 at 23,635.10, down 144.05 points.
SBI Life Insurance Company, ICICI Bank and Axis Bank were among the biggest losers on the Nifty50 index.
The declines extended Monday’s 382-point Sensex fall, which had been driven by rising crude oil prices and US-Iran tensions.
Broader markets moved in the opposite direction, with the Nifty MidCap up 0.21 percent and the Nifty SmallCap up 0.17 percent.
Market participants continued to cite crude oil prices and geopolitical uncertainty as the key factors behind the decline.
Deepa Jewellers was among the new listings debuting on the exchanges around the same period, drawing separate investor attention even as the benchmark indices declined.
Tuesday marked the second straight session of losses for the Sensex, following Monday’s 382-point decline that was also attributed to crude oil prices and Gulf tensions.
SBI Life Insurance Company, ICICI Bank and Axis Bank were among the top losers on the Nifty50 index during Tuesday’s session.
The broader markets showed a different pattern than the benchmark indices, with the Nifty MidCap rising 0.21 percent and the Nifty SmallCap rising 0.17 percent even as the Sensex and Nifty fell.
Rising crude oil prices directly affect India’s economy given the country’s heavy dependence on imported oil, which widens the trade deficit and pressures the rupee when prices climb.
TCS was among the IT stocks under pressure during Tuesday’s trade, as the sector remained sensitive to signals on US interest-rate policy.
The BSE Sensex and NSE Nifty are the two primary benchmark indices used to track the overall health of the Indian stock market, comprising the country’s largest listed companies by market capitalisation.
Foreign institutional investor selling has been a recurring theme in recent sessions, adding to the pressure from oil prices and geopolitical uncertainty.
National Stock Exchange building, Mumbai, Wikimedia Commons, CC BY-SA 4.0
